NFL Commissioner Roger Goodell announced Monday the league has reached an agreement with retired players, who had sued to be compensated for use of their images in NFL Films. / Seth Wenig, AP

by Jim Corbett, USA TODAY Sports

by Jim Corbett, USA TODAY Sports

PHOENIX -- With Hall of Fame running back Jim Brown and 16 other retired players at his side, NFL commissioner Roger Goodell announced the settlement of a class-action lawsuit, filed in 2009 by retired players who wanted to be compensated for the use of their names and images in NFL Films footage.

According to the settlement, reached Monday morning and announced at the owners' meetings, the league will contribute $42 million over an eight-year period to a newly established Common Good Fund that will be administered by seven of those players.

The fund will be used to support organizations that provide benefits to retired players, including medical, housing, career transition and other forms of assistance.

The settlement also establishes the first independent licensing agency, which will ensure the players are compensated for their images in the future. The agency will be overseen by a board of retired players approved by the court and will operate separately from the NFL and NFL Players Association.

"For the first time in history, retired players will be represented at the table,'' Brown said. "I'm very happy to represent the players that you see here and all the players in the National Football League and all the retirees who have been overlooked for so many years.

"We're looking out for our brothers who are definitely in need," Brown added.

Brown said the fund "will allow us to reach out and to help a lot of our players who really need help. And not only that, but to help their spouses, who are similarly suffering. Today is like coming back together, because we can publicly say we'll be doing something together, a landmark happening for people who truly need it.''

Among the 16 retired players were Carolina Panthers owner Jerry Richardson and Green Bay Packers president Mark Murphy, a former Washington Redskins safety. Richardson acknowledged the league has been remiss in providing for the retired players.

"It's a new day," Richardson said, "and fortunately, it's better late than never."

Hall of Famer Elvin Bethea and five other retired players filed the lawsuit in Minneapolis four years ago, accusing the NFL of exploiting retired players' identities in films, highlight reels and memorabilia to market the league's "glory days" without compensating the players.

"It's the first time ever that we've been able to establish an independent licensing agency dedicated solely to retired players,'' Goodell said. "We see this as a very positive step that will help promote our retired players, our game and be ultimately be very beneficial to our players long term.''